1 Institute Memorandum to Investment Advisers Committee No. 17-99; Pension Committee No. 71-99; and Pension
Operations Advisory Committee No. 57-99, dated December 17, 1999.
[11535]
January 10, 2000
TO: INVESTMENT ADVISERS COMMITTEE No. 1-00
PENSION COMMITTEE No. 2-00
AD HOC COMMITTEE ON CROSS-TRADES
RE: AGENDA FOR INSTITUTE MEETING ON CROSS-TRADES - JANUARY 12,
2000
______________________________________________________________________________
Attached is the agenda for the meeting on cross-trades, scheduled for Wednesday January 12,
2000 from 10 a.m. until noon in the Institute’s David Silver Conference Room, 1401 H Street, NW Suite
1200, Washington, D.C. The purpose of the meeting is to discuss the recently released Department of
Labor proposed class exemption on passive cross-trades1 and the Institute’s testimony on active cross-
trades at the Department’s hearing on
February 10, 2000.
At the meeting, we intend to review the proposed class exemption on passive cross-trades to
determine whether (1) certain conditions are applicable for a class exemption on active cross-trades; and
(2) the conditions for passive cross-trades included in the proposal are feasible. In addition, we plan to
discuss strategy for the Institute’s testimony at the hearing on active cross-trades scheduled for February
10. Finally, we would like to discuss various general issues applicable to cross-trades, including whether
members have or can assemble data on savings generated from cross-trades, market impact issues and
the effect of ECNs on the need for cross-trading exemptive relief.
The agenda includes a reference to a chart outlining the differences between the proposed class
exemption and prior individual exemptions. This chart will be included in the packet of materials
available at the meeting.
If you plan to attend the meeting and have not yet informed us, please call Melanie Washington
at 202-326-5820, and let her know that you will be attending.
Kathryn A. Ricard
Associate Counsel
Attachment